A home appraisal is the best, most reliable way for you to get an accurate valuation of your property. The result of the appraisal gives you the fair market value of your property, which you can use to determine a selling or asking price in a transaction. Appraisals also help determine the tax-assessed value of a property, which in turn determines how much property tax you will pay in a given year.
Only certified professionals can conduct appraisals that will actually have any bearing on any sort of transaction or tax situation. Therefore, if you’re ever in need of a home appraisal in Las Vegas, NV, be sure to reach out to Victor Gesmundo Realtor!
Here are a few circumstances in which you might be able to benefit from a professional home appraisal:
- Selling your home: When you sell your home, the appraisal is a key step in determining a reasonable listing price. Your real estate agent should either be able to perform this service themselves or have a relationship with a trusted appraiser who can do it for you. The appraiser looks at the price of other properties in your neighborhood sold within the last couple years, as well as similarities in terms of features, condition and size. Value can be added or subtracted from your home based on unique features, such as fences, decks, fireplaces and more.
- Purchasing a home: When you place an offer on a property, your lending institution of choice wants to make sure the money it will loan you is reasonable for the house in question. Independent appraisals also are beneficial to you as the buyer—if the appraised value comes in at significantly lower than what you intend to pay, it’s a good chance for you to go back and rework the deal, or step away from the purchase entirely.
- Refinancing a loan: If you wish to refinance your mortgage, the lender will need an appraisal to be performed on the property. Again, the main point is to ensure the value of the property justifies the new terms of the loan you’re working on.
- Business or cash loans: If you are looking for other types of loans and are offering up your home as a primary collateral, then it will need to have its value appraised for the same reasons as when you’re seeking a new mortgage or wish to refinance the terms of your mortgage.
- Home equity loan: If you’re about to take out a home equity loan, it’s probably been at least a few years since your property was last appraised. In this circumstance, it’s a good idea to seek an appraisal, especially if property values in the area went up. Your equity is based primarily on the current value of the property, so if the home value decreased, so too did your equity.
For more information about the circumstances in which you might seek a professional home appraisal in Las Vegas, NV, contact our staff at Victor Gesmundo Realtor today.
Categorised in: Home Appraisal